As CEOs and business leaders, you all know how important instinct is to success. Sometimes you seem to see indicators earlier than others, sometimes you just feel it in your bones. Instinct will always play an important role but the larger you grow, the higher the stakes. And in this era of corporate governance, it is more critical than ever that we have the evidence to support our intuition. It is also crucial that we are alerted to trends that our sixth sense has overlooked. Enter Corporate Performance Management (CPM) software.
Making sound decisions backed by evidence allows us to act quickly, aggressively and confidently and gives us competitive advantage. And yes, we are all going to make poor decisions, it is an inevitable folly of humanity, but being able to see the effect of such errors quickly allows us to redirect before it is too late. With the right CPM tools you have the information whenever you want it, whether it is pushed to you or accessed online from a browser or an app.
A CPM tool can give you the agility to be a little bit agnostic about your business management software too. A good CPM will be underpinned by a solid and user configurable data warehouse. For those that don’t really understand the concept of a data warehouse, it is a place to store your data from a range of different sources. You might want to take legacy data from an old ERP, current operational and financial data from an existing ERP, client/member and pipeline data from a CRM, retail information from your POS software, or take statistical data from your website and social media profiles and then bundle all of the information up neatly in one database.
Consider the flexibility this gives you:
You can change ERP and CRM systems without losing existing CPM or Business Intelligence system investment. Simply map the new data source into the existing data warehouse;
Retain access to historical information and trends without expensive data migration costs;
Have a single location to access all of your corporate reporting requirements;
Get access to all corporate performance information from anywhere and at anytime.
Case in point. There is a lot of buzz and excitement about the release of Dynamics 365 Business Central. To have Microsoft Dynamics biggest selling ERP, Dynamics NAV, integrated and released in the Dynamics 365 Cloud form is a game changer. Some of us that are unhappy with our existing ERP and Finance systems will drive aggressively at an implementation while some of us will sit back and wait to see the feedback of the early adopters (for the Aussie early adopter, we’re a little bit lucky given the product will have been operational in the US and UK for months before it hits our shores). Either way, we can aim to take advantage of what will be a faster rollout without the traditional ERP delay on deliverables. This SaaS model is driven at getting results quickly, minimising up front investment and reducing organisational IT resource requirements. With a good CPM already rolled out, you will also have your business analysis information immediately available. Achieving quick results when implementing or making changes to a system provides confidence among the team, provides momentum for future tasks, and generates enthusiasm.
Solver’s BI360 has been a solid on premise solution delivering powerful CPM, not to mention a fantastic budgeting and planning tool, for years now. Their recent release of BI360 Cloud and the Remagine Up&Ready reporting package means we can also get you up and running with a package of reports and budget input templates quickly. Running on the Azure platform, BI360 Cloud is ready to go whether it is with Dynamics 365 Business Central or any business management solution. Not only would you get easily customisable Income Statements, Cash Flows, Balance Sheets, and similar financial statements, you have the power to add and embed KPIs, Benchmarks, or other similar decision-making metrics. And if you want to use the visualisation of Microsoft PowerBI then you have the data warehouse that you can directly connect to!
By implementing BI360 Cloud with Up&Ready, a company can be up and running with Corporate Performance Management very quickly. This rapid implementation provides a quick win and shows the power of implementing a CPM tool. By getting a quick return on investment, you can set the stage for doing additional implementation throughout your company and gain the full power of a CPM tool like BI360.
Remagine Solutions is not only a Microsoft Dynamics NAV partner but also a Platinum Partner of Solver and a trusted implementer of BI360, a leading web-based CPM suite made up of budgeting, reporting, dashboards, and data warehousing, delivered through a web portal. Remagine offers BI360 through cloud and on-premise deployment and is reinventing CPM with its next generation solution. BI360 empowers business users with modern features including innovative use of Excel in the model design process. If you’re interested in learning more, our team is excited to hear about your organisational needs and goals.